Economy, asked by riksengmarak61, 10 months ago

Which definition of economics is the most acceptable and why ?

Answers

Answered by aadii27

Answer:

Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

Answered by skyfall63

Economics is concerned with generating the wealth of nations.

Explanation:

According to Smith, "The great object of every country's political economy is to increase the wealth and power of that country." Like the merchants, he did not believe that the wealth of a nation lies in the accumulation of precious metals such as gold and silver. For him, wealth can be defined as goods and services which have value in exchange. Economics is concerned with generating the wealth of nations. Economics is not only concerned with the production of wealth, but also with the distribution of wealth. The way in which the production and distribution of wealth will take place in a market economy is the Smithian 'invisible hand' mechanism or the 'price system.'